Eligibility

Eligible street vendors will be identified based on the following criteria:

a. SVs who possess a valid Letter of Recommendation (LoR) or Certificate of Vending (CoV) or Identity Card (ID Card) issued by the Urban Local Bodies (ULBs)/Town Vending Committees (TVCs); or

b. SVs operating in census towns, peri-urban areas etc., who have received an LoR approved by their Block Development Officer (BDO).

c. Applicant must be an adult (minimum 18 years of age); no upper age limit.

Purpose of Loan

Extend working capital term loans to SVs, helping them restart, sustain, and grow their businesses.

Documents Required

1. CoV/ID Card/LoR issued by ULBs or TVC, to SVs working within ULB's jurisdiction or LoR approved by the BDO to SVs operating in census towns, peri-urban areas etc.

2. Aadhaar Card

3. Voter Identity Card (for SVs from Assam and Meghalaya only) who do not have Aadhaar Card

4. Savings Bank Account Passbook/Bank Statement with account details of the SV

5. Valid and Unique UPI ID linked to the SVs bank account

Note: All LoRs must be applied for and issued through the PM SVANidhi Portal (PMS Portal). Manually issued LoRs will not be valid.

PMS Portal URL: https://pmsvanidhi.mohua.gov.in/

Quantum of Finance and repayment

Pre-payment is allowed without any penalty or cost.

Margin

NIL

Processing Fee

NIL

Security

Guaranteed by CGTMSE (No guarantee fee).

Credit Report

Loan may be denied only if existing loan is NPA or an account is written off.

Udyam Registration

Not required

Project Report

Not required

Interest Subsidy

SVs availing loans under the scheme will be eligible for an interest subsidy at the rate of 7% per annum. The subsidy will be credited directly to the borrower's account on a quarterly basis.

Rate Of Interest

RLLR plus1.30%

Digital Adoption

The scheme will incentivize digital transactions done by the beneficiaries through cashback facility.